Watches of Switzerland Sees Record Revenue

RAPAPORT... Watches of Switzerland's group revenue surged 37% for the full fiscal year as the company expanded its store network and saw strong demand for luxury timepieces.The UK-based retailer's sales came to GBP 1.24 billion ($1.48 billion) for the 52 weeks ending May 1, the company said last week. During the period, none of the group's stores were closed, versus 26 weeks in 2021 when various locations were on lockdown. The 2022 financial year was one week shorter than its 2021 counterpart.Sales grew 34% year on year in the UK, driven by a strong appetite for both luxury watches and jewelry. In the US, revenue jumped 44%, with the company opening six new stores and four new mono-brand boutiques. Those included the acquisition of the Betteridge jewelry chain and Watches of Switzerland's first Bulgari mono-brand location. The retailer also relaunched the sale of luxury jewelry in its Mayors stores.Profit doubled to GBP 101 million ($120.6 million) from GBP 50.6 million (60.9 million) in 2021."This has been a tremendous year for the group, producing record sales and profits," said Watches of Switzerland CEO Brian Duffy. "We have seen a strong performance from our recently opened and refurbished showrooms in the UK and US, and we have big plans for our European business.... We enter fiscal year 2023 with strong momentum, with consumer demand continuing to outpace supply."Watches of Switzerland intends to open a number of new stores in fiscal year 2023, including a flagship showroom in New Jersey, a Mayors location in Florida, and 19 further mono-brand boutiques in the US and UK. The company will also expand in Europe, launching three stores in Sweden, two in Denmark, and one in Ireland. The company expects revenue of between GBP 1.45 billion ($1.73 billion) and GBP 1.5 billion ($1.79 billion) for the full year.Image: A Watches of Switzerland store in Soho, London. (Watches of Switzerland)